Conference call scheduled for August 12, 2008 at 1:30 p.m. (Pacific Time);

                  simultaneous webcast at http://www.adventrx.com



    SAN DIEGO, Aug. 11 /EMWNews/ -- ADVENTRX Pharmaceuticals,

Inc. (Amex: ANX), a biopharmaceutical company focused on in-licensing,

developing and commercializing proprietary product candidates primarily for

the treatment of cancer and infectious disease, today reported financial

results for the three-month and six-month periods ended June 30, 2008.



    "During the second quarter of this year, we continued to make advances

with respect to the on-going development and our commercialization plans

for both ANX-530 (vinorelbine emulsion) as well as ANX-514 (docetaxel

emulsion)," stated Evan M. Levine, Chief Executive Officer and President of

ADVENTRX. "We continued to make progress with regard to the preparation of

our NDA submission for ANX-530 as well as conducting our registrational

bioequivalence clinical study of ANX-514. Furthermore, we made a

considerable investment of capital this quarter in order to initiate large

scale manufacturing to prepare for the commercial launch of both ANX-530

and ANX-514. This is a significant endeavor that will help enable us to

successfully launch these product candidates if they are approved. As well,

we announced response rate data from 2 separate studies of CoFactor(R), our

third oncology product candidate. We continue to evaluate CoFactor and

expect to provide further updates with respect to the program as we gather

additional data."



    Three-Month Period Ended June 30, 2008 Operating Results



    ADVENTRX's net loss was $6.4 million, or $0.07 per share, for the

three-month period ended June 30, 2008, compared to a net loss of $5.7

million, or $0.06 per share, for the same period in 2007. Included in the

net loss for the three-month period ended June 30, 2008 were non-cash,

share-based compensation expenses amounting to $0.4 million, compared to

$0.6 million for the same period in 2007.



    In May 2008, the Company settled its dispute with Theragenex. In

consideration of and conditioned upon Theragenex paying the Company $0.6

million, the parties agreed to jointly move to dismiss the underlying

arbitration action, and in connection with dismissing the arbitration,

agreed to release each other from any and all claims related to their past

relationship, including Theragenex's rights under their prior agreement.

For the three-month period ended June 30, 2008, the Company recognized $0.5

million in licensing revenue, which represents a portion of the $0.6

million Theragenex settlement payment. The additional $0.1 million was

recognized as other income.



    Research and development, or R&D, expenses increased by $0.3 million,

or 6%, to $4.5 million for the three-month period ended June 30, 2008, from

$4.2 million for the same period a year ago. The increase was primarily due

to a $1.3 million increase in expenses related to external research-related

manufacturing and regulatory and quality assurance activities related to

ANX-530 and ANX-514, offset by a $0.8 million decrease in external clinical

trial expenses related to ANX-530 and ANX-510, or CoFactor, a decrease of

$0.1 million personnel and related costs and a $0.1 million decrease in

share-based compensation expense. R&D expenses for the three-month period

ended June 30, 2008 included non-cash, share-based compensation expense

amounting to $0.1 million, compared to $0.2 million for the same period a

year ago.



    Selling, general and administrative, or SG&A, expenses increased by

$0.6 million, or 31%, to $2.6 million for the three-month period ended June

30, 2008, from $2.0 million for the same period a year ago. The increase

was primarily due to a $0.2 million severance expense related to the

departure of our former chief financial officer in April 2008, as well as

an increase of $0.4 million in consulting expenses for tax services, market

research for ANX-530 and legal expenses related to the Theragenex

settlement. SG&A expenses for the three-month period ended June 30, 2008

included non-cash, share-based compensation expenses amounting to $0.2

million, compared to $0.3 million for the same period a year ago.



    Interest and other income amounted to $0.3 million for the three-month

period ended June 30, 2008, compared to $0.6 million for the same period a

year ago.



    Six-Month Period Ended June 30, 2008 Operating Results



    ADVENTRX's net loss was $12.4 million, or $0.14 per share, for the

six-month period ended June 30, 2008, compared to a net loss of $10.8

million, or $0.12 per share, for the same period in 2007. Included in the

net loss for the six-month period ended June 30, 2008 were non-cash,

share-based compensation expenses amounting to $1.0 million, compared to

$1.2 million for the same period in 2007.



    For the six-month period ended June 30, 2008, we recognized $0.5

million in licensing revenue, which represents a portion of the $0.6

million Theragenex settlement payment. The additional $0.1 million was

recognized as other income. For the six-month period ended June 30, 2007,

we recognized $0.5 million in licensing revenue under our license agreement

with Theragenex. Since January 2007, we have received $1.1 million from

Theragenex.



    R&D expenses increased by $0.7 million, or 9%, to $8.3 million for the

six-month period ended June 30, 2008, from $7.6 million for the same period

a year ago. The increase was primarily due to a $1.8 million increase in

expenses related to external research-related manufacturing and regulatory

and quality assurance activities related to ANX-530 and ANX-514 and an

increase of $0.2 million in personnel and related costs, offset by a $1.3

million decrease in external clinical trial expenses related to ANX-530 and

CoFactor and a $58,000 decrease in share-based compensation expense. R&D

expenses for the six-month period ended June 30, 2008 included non-cash,

share-based compensation expense amounting to $0.4 million, compared to

$0.5 million for the same period a year ago.



    SG&A expenses increased by $0.2 million, or 4%, to $5.0 million for the

six-month period ended June 30, 2008, from $4.8 million for the same period

a year ago. The increase was primarily due to a $0.2 million severance

expense related to the departure of our former chief financial officer in

April 2008. SG&A expenses for the six-month period ended June 30, 2008

included non-cash, share-based compensation expenses amounting to $0.5

million, compared to $0.7 million for the same period a year ago.



    Interest and other income amounted to $0.6 million for the six-month

period ended June 30, 2008, compared to $1.2 million for the same period a

year ago.



    Balance Sheet Highlights



    As of June 30, 2008, the Company had cash, cash equivalents and

short-term investments in securities totaling $22.1 million. Stockholders'

equity amounted to $19.7 million as of June 30, 2008.



    Conference Call and Webcast



    ADVENTRX management will host a conference call with simultaneous

webcast to discuss second quarter results, provide a corporate update and

take investors' questions tomorrow at 1:30 p.m. Pacific/ 4:30 p.m. Eastern

Time. Evan M. Levine, Chief Executive Officer and President, and Mark N.K.

Bagnall, Chief Financial Officer and Executive Vice President, are

scheduled to lead the call and will be joined by other members of the

Company's senior management. The conference call may be accessed by dialing

(888) 215-7027 for domestic callers and (913) 312-0654 for international

callers. The webcast will be available live via the Internet by accessing

ADVENTRX's website at http://www.adventrx.com under "Investors". Replays of

the webcast will be available on ADVENTRX's website for 30 days and a phone

replay will be available through September 12, 2008 by dialing (888)

203-1112 and entering the pass code 8240633.

    About ADVENTRX Pharmaceuticals



    ADVENTRX Pharmaceuticals is a biopharmaceutical company focused on

in-licensing, developing and commercializing proprietary product candidates

primarily for the treatment of cancer and infectious disease. The Company

seeks to improve the performance and commercial potential of existing

treatments by addressing problems associated with these treatment regimens.

More information can be found on the Company's website at

http://www.adventrx.com.



    Forward Looking Statements



    ADVENTRX cautions you that statements included in this press release

that are not a description of historical facts are forward-looking

statements that involve risks and assumptions that, if they materialize or

do not prove to be accurate, could cause ADVENTRX's results to differ

materially from historical results or those expressed or implied by such

forward-looking statements. These risks and uncertainties include, but are

not limited to: the risk that ADVENTRX will be unable to raise sufficient

capital to support its operations, including the projects necessary to meet

its anticipated or stated goals and milestones; the risk that preclinical

results are not indicative of the success of subsequent clinical trials and

the results of pending clinical trials; the potential for ADVENTRX's

product candidates to receive regulatory approval for one or more

indications on a timely basis or at all, and the uncertain process of

seeking regulatory approval; other difficulties or delays in developing,

testing, manufacturing, obtaining regulatory approval for and marketing

ADVENTRX's product candidates; the potential for regulatory authorities to

require additional preclinical work or other clinical requirements to

support regulatory filings; the market potential for ADVENTRX's product

candidates and ADVENTRX's ability to compete in those markets; the scope

and validity of patent protection for ADVENTRX's product candidates; patent

and non-patent exclusivity covering Navelbine(R) and Taxotere(R); and other

risks and uncertainties more fully described in ADVENTRX's press releases

and periodic filings with the Securities and Exchange Commission.

ADVENTRX's public filings with the Securities and Exchange Commission are

available at http://www.sec.gov.






    You are cautioned not to place undue reliance on these forward-looking

statements, which speak only as of the date when made. ADVENTRX does not

intend to update any forward-looking statement as set forth in this press

release to reflect events or circumstances arising after the date on which it

was made.



                              [Tables to Follow]







                 ADVENTRX Pharmaceuticals, Inc. and Subsidiaries

                         (A Development Stage Enterprise)

               Summary Condensed Consolidated Financial Information

                       (In 000s except for per share data)



    Consolidated

     Statement of

     Operations Data:

                              Three months ended         Six months ended

                                   June 30,                  June 30,

                              2008         2007         2008          2007

                          (unaudited)  (unaudited)  (unaudited)   (unaudited)



    Revenues                  $500           $-         $500         $500



    Operating expenses:

      Research and

       development           4,511        4,240        8,332        7,624

      Selling, general

       and administrative    2,636        2,006        5,001        4,816

      Depreciation and

       amortization             44           53           91          105

        Total operating

         expenses            7,191        6,299       13,424       12,545



    Loss from operations    (6,691)      (6,299)     (12,924)     (12,045)



      Interest income          266          576          565        1,198

    Loss before income

     taxes                  (6,425)      (5,723)     (12,359)     (10,847)



      Provision for

       income taxes              -            -            -            -

    Net loss               $(6,425)     $(5,723)    $(12,359)    $(10,847)



    Net loss per share

     -- basic and diluted   $(0.07)     $ (0.06)     $ (0.14)     $ (0.12)



    Weighted average

     shares -- basic and

     diluted                90,253       89,707       90,253       89,692







    Balance Sheet Data:

                                                     June 30,     December 31,

                                                       2008           2007

                                                   (unaudited)     (audited)

    Total cash, cash equivalents and

     investments in securities                       $22,070       $ 33,463

    Net working capital                               19,314         30,658

    Total assets                                      23,158         34,542

    Total liabilities                                  3,492          3,507

    Stockholders' equity                              19,666         31,035